KPIT Technologies on Tuesday reported a 55 per cent jump on a year-on-year (YoY) basis in the net profit at Rs 155.33 crore in the quarter ended on December 31, 2023. The company had reported a net profit of Rs 100.49 crore in the year ago period. The bottomline of the company has been in line with the analysts' estimates.
The IT software player reported a 37 per cent YoY rise in the revenue from operations at Rs 1,256.96 crore in the third quarter of the ongoing financial year. Its operational revenue came in at Rs 917.12 crore in the same quarter previous fiscal year, said the filing with the bourses.
The company bagged orders worth $189 million during the quarter with a healthy pipeline across practices. Its constant currency (CC) revenue grew 4.3 per cent YoY led by powertrain, autonomous and connected domains. Growth was led by passenger vehicles in Europe and Asia, it asaid. Cross currency impact due to higher mix of Euro, Yen and Pound revenues dented reported dollar revenues of the company.
Following the announcement of numbers, shares of KPIT Technologies rebounded sharply, about 9 per cent to Rs 1,485 on Tuesday from day's low at 1365.90. The scrip had settled at Rs 1,410.30 in the previous trading session on Monday.
KPIT's net profit surged about 60 per cent YoY to Rs 430.18 crore for the nine months ended on December 31, 2023, compared to a bottomline of Rs 269.4 crore in the same period last year. Revenue from operations grew over 50 per cent to Rs 3,553.74 crore during the period under review.
The company also announced an interim dividend of Rs 2.10 per equity share, that is 21 per cent of the face value of Rs 10 each, for the financial year 2023-24, to be paid to the shares of the company. Record date for the same has been fixed at Rs February 9, 2024.
EBITDA margin expanded to 20.6 up 200 basis points YoY, led by improved productivity and operating leverage coupled with a better realized rate. Net cash balance at the end of the quarter stood at Rs 829 crore, depicting a net cash addition of Rs 310 crore. DSO at the end of the quarter stood at 46 days, said the exchange filing.
"We continue to focus on execution relentlessly and have been consistently reaping the benefits of our focus on the mobility industry, key technologies, key clients and key talent. The Q3FY24 revenues have been in line with our expectations, while we have delivered slightly ahead of expectations on the profitability front," said Kishor Patil, Co-founder, CEO and MD, KPIT Technologies.
"Basis our performance so far, robust pipeline and the consistency of demand driven by new technology investments by our strategic clients, we are confident of meeting our upward revised outlook for the year," it said.
KPIT also announced strategic investment in N-Dream AG, one of the early movers in the in-car gaming space. With N-Dreams easy-to-launch casual gaming platform AirConsole, and KPIT’s integration expertise.
Also read: Hot stocks on January 30: IREDA, Azad Engineering, IRFC, Tata Investment and more
Also read: Tata Investment shares surge 19%, hit record high; here’s why